Investors Want Nike, FedEx and Pepsi to Cut Ties With Redskins
Shareholders want relationships with the team terminated unless it changes its name
In order to get Washington Redskins owner Daniel Snyder to pay attention to the ongoing calls for him to change the name of his NFL team, investors in major companies that have relationships with the franchise want to hit him in the wallet.
According to Adweek, letters signed by 87 investment firms and shareholders worth a collective $620 billion were delivered to Nike, FedEx and PepsiCo last week. Each of the three separate letters asked the companies to end their business relationships with Washington’s football franchise unless it changes its team name.
PepsiCo recently made the decision to sunset the Aunt Jemima brand, so there is some precedent for the company taking meaningful steps toward making real change.
Carla Fredericks, the director of First Peoples Worldwide and head of the University of Colorado Law School’s American Indian Law Clinic, told Adweek she was glad to see shareholders in Fortune 500 companies like FedEx, Nike and PepsiCo realize the potential power they wield to shape change.
“I’m very encouraged by the rising awareness of how every dollar you spend is a vote you cast on your values,” Fredericks said. “And that applies to money you have in investments as well as any brands you support. Anyone that has a simple stock portfolio with an index fund owns a share of these companies.”
Former NFL coach and current NBC broadcaster Tony Dungy also recently shared his method of encouraging Washington’s team name to be changed.
“When I’m on the air, I try to just refer to them as Washington. I think it’s appropriate,” Dungy said. “If the team doesn’t want to change, the least I can do is try not to use it. You can say, ‘This has been a historic name and we’ve used it for this team for X number of years, but in this day and age, it’s offensive to some people, so we’re going to change it.’ I don’t think that’s hard.”
Snyder, Washington’s owner since 1999, said as recently as 2013 that he does not plan to ever change the team’s name.
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